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Non-Tech : Hvide Marine HMAR - High Growth, Undervalued
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To: Grommit who wrote (304)3/16/1998 2:24:00 PM
From: Robert Floyd  Read Replies (1) of 547
 
Hvide in talks with Newport News on axed o
LONDON, March 16 (Reuters) - Hvide Marine Corp (HMAR - news) said Monday it is negotiating the status of its tanker orders with Newport News Shipbuilding Inc (NNS - news) following the U.S. yard's decision to quit the commercial shipbuilding market.
Newport News said earlier Monday that it will incur costs of $150 million in cancelling three tanker contracts on it books and completing a further five remaining orders.

Hvide had five 45,000 dwt double hull products tankers on order in a joint venture with Van Ommeren NV (OMMNc.AS) at Newport News.

Spokesman for Hvide Jack O'Connell said: ''We are in discussions with the yard about the status of our vessels, but I can't give any further comment at this time.''

When asked if Hvide ships were among those which might be cancelled or completed, he said: ''We are in discussions on those very points. That's the whole point.''

A source familiar with the yard's contracts said he understood the three cancelled ships were part of the Hvide order.

Newport news said a recent review of its commercial performance showed that additional costs of $75 million were required to complete the five ships it will finish.

The U.S. warship builder said three of the final tankers will be delivered in 1998 and the last two in 1999.
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